Word: franchisee
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Dates: during 1970-1979
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To minimize the chances of being swindled, Randall and Glickman suggest that motorists carefully follow the routine maintenance procedures outlined in the owner's manuals; that should lessen the need for major repairs. If such repairs become necessary, owners should avoid the repair services operated by new car dealers...
Iraq was in trouble. About two-thirds of Baghdad's budget comes from oil. By seizing the assets of the Iraq Petroleum Co. (IPC), worth an estimated $500 million, Bakr & Co. endangered the bulk of their future revenues. Now the government must produce and market oil in the face...
Putting Up the Dog. Capitalist Wilson is also moving into Communist countries. He has licensed Intertower, a joint venture of Cyrus Eaton Jr. and Occidental Petroleum, to put up 36 inns in Yugoslavia, Bulgaria, Hungary and Czechoslovakia; in most cases, the governments will own the inns. Encouraged by the talk...
...turned for contacts and credit help to a fellow Memphian, Walter Johnson, one of the country's biggest real estate developers and then a director of the National Association of Home Builders. Johnson became vice chairman of Holiday Inns, a job he still holds, and helped recruit franchisees from among his business friends all over the country. Wilson and Johnson sold the first franchise in Clarksdale, Miss., for $500 and a flat fee of 5? per night for each occupied room. In return, the franchisee got Holiday Inns' plans and national advertising. Applications began to flow in, many...
Franchise Deals. Today, Holiday Inns fields about 10,000 requests for franchises a year, but only 200 or so are granted, mostly to people who already own inns and are proven winners. The cost of land and construction is entirely financed by franchisees, who put up about a quarter to a third of the amount and borrow the rest from banks, insurance firms or mortgage companies. Lenders prefer prospective franchisees over independent owners because there is less risk of failure with a motel (hat is backed by the resources of a chain...